Honors Theses and Capstones

Date of Award

Spring 2025

Project Type

Senior Honors Thesis

College or School

PAUL

Department

Business

Program or Major

Accounting

Degree Name

Bachelor of Science

First Advisor

Richard Kilbride

Abstract

This thesis examines how private equity firms and other institutional investors are reshaping the single-family rental market in the United States, and what that shift means for homeownership, affordability, and community stability. What began as a short-term strategy to acquire foreclosed homes after the 2008 financial crisis has evolved into a long-term business model, with firms now owning hundreds of thousands of properties across the country. Leveraging their financial scale, these investors often outbid individual buyers, particularly in fast-growing cities. While proponents argue that institutional ownership brings professionalism and much-needed supply to tight housing markets, data shows that it has also driven up rents, reduced access to ownership, and placed growing pressure on low- and middle-income households, especially in vulnerable communities. This research draws from government reports, academic studies, and industry sources to present a balanced view of the issue. Ultimately, the paper argues that although private equity can bring capital and operational efficiency to housing, these benefits often come with significant social costs. To preserve access and affordability, it calls for policy interventions that prioritize housing as a public good and ensure it remains a foundation for stability, equity, and long-term opportunity.

Download

Share

COinS